Although life insurance is the second most searched product online in the eastern region, it necessarily does not translate into proportionate purchases, a study by Max Life Insurance and Nielsen has revealed.
According to the study, East India displays highest propensity to purchasing life insurance through online channels. Moreover, people here are driven by price competitiveness.
Interestingly though, people from the East displayed the lowest confidence, around 27 per cent, on family protection; with a large number (67 per cent) planning to purchase life insurance in the next six months.
The study, according to a release issued by the company, included a sample size of 1,009 participants. Benefits & barriers
It also revealed that people from the East believe that purchasing online would provide benefits like price, competitiveness, better comparison and lesser paperwork; along with easier availability of policy details.
However, there are some barriers in online purchases with issues like lack of transparency and credibility; limited information and excessive time consumption cropping up.
Security and safety at the time of making payments is another issue that has to be looked into here.
A majority of 'Internet savvy Indians', came to know about online life insurance from traditional sources like work colleagues, parents/other family, employer, company, and print advertisements. “Internet, thus, has marginal contribution in creating awareness about Online Life Insurance,” the survey revealed.
Social networking
At the time of purchase, a substantial number carried out research across blogs or social networking sites like Facebook; but a large number of them also dropped out even before the purchases are made.
On the other hand, using e-commerce as an effective channel (for purchases) was popular in the lower income groups; compared to others (in the eastern region) who still prefer the traditional model of selling through agents.
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